Slide 1: NWF Group Results Presentation
Final results to 31 May 2025 NWF Group Results Presentation Connecting essential suppliers with their customers
Slide 2: Contents
Overview and highlights Contents Welcome to the NWF Group Results Presentation Overview and highlights 3 Business model and market 6 position Financial review 9 Strategic progress and 16 Chris Belsham investment case Chief Executive Officer Summary and outlook 23 Appendix 26 Katie Shortland Chief Fi
Slide 3: Highlights – significant strategic progress
Overview and highlights Summary Highlights – significant strategic progress Significant strategic Northern Energy Oil and Development of the Managed mixed market progress made in the Pinnocks acquired in line Fuels’ regional operating conditions in Fuels with year whilst delivering a with stated str
Slide 4: Results summary
Overview and highlights Results summary Solid result trading slightly ahead of initial expectations Revenue Headline operating profit¹ Headline profit before tax¹ £903.1m £16.3m £13.2m -5.0% +14.8% +5.6% 25 903.1 25 16.3 25 13.2 24 950.6 24 14.2 24 12.5 Headline EBITDA¹ Net cash2 Dividend per share
Slide 5: Progress in all three businesses
Overview and Highlights Key highlights Progress in all three businesses Fuels Food Feeds Third largest bulk liquid fuel A leading ambient grocery Second largest ruminant feed distributor in the UK consolidator distributor in the UK Headline operating profit Headline operating profit Headline operati
Slide 6: Business model and market position
Business model and market position NWF Group plc Final results to 31 May 2025 6
Slide 7: Our business model
Business model and market position Our business model Applying our expertise in connecting suppliers and their customers who otherwise would struggle to connect or would connect in a sub-optimal manner. Major oil suppliers Off gas grid domestic – refinery and homes and terminal owners SME purchasers
Slide 8: Growing our leading market positions
Group overview Business model and market position Business overview Growing our leading market positions NWF Fuels is a leading distributor Fuels Food Feeds of fuel oil and fuel cards, delivering over 660 million litres across the UK. Litres per annum Pallets stored Tonnes Boughey Distribution is a
Slide 9: Financial review
Financial review NWF Group plc Final results to 31 May 2025 9
Slide 10: A robust performance
Financial review Financial overview A robust performance • Decrease in revenue by £47.5 million (5.0%): • Reflecting lower commodity prices across Fuels and Feeds FY25 FY24 Abs. change % change • Partially offset by increased activity levels in Food Revenue 903.1 950.6 (47.5) -5.0% • Acquisition con
Slide 11: Income statement summary
Financial review Financial overview Income statement summary May 2025 May 2024 £m £m • Revenue and Cost of Sales are both Revenue 903.1 950.6 lower due to lower commodity prices. Cost of sales (852.8) (903.4) • Amortisation of intangibles increased in the year as a result of the two Fuels Gross prof
Slide 12: Segment performance
Financial review Financial overview Segment performance Fuels Food Feeds Revenue Revenue Revenue £612.3m £86.2m £204.6m -9.7% +10.9% +4.9% 25 612.3 25 86.2 25 204.6 24 677.8 24 77.7 24 195.1 Headline operating profit Headline operating profit Headline operating profit £8.4m £4.3m £3.6m +6.3% +16.2%
Slide 13: Strong operational cash performance
Financial review Financial overview continued Strong operational cash performance Net cash from operating activities Net cash from investing activities • Headline operating cash flow was £19.4 million reflecting a 40 cash conversion of 119.0% 18.3 (0.3) 0.1 (1.1) (12.1) • Working capital movements w
Slide 14: Robust balance sheet to support investment
Financial review Financial overview continued Robust balance sheet to support investment Net cash Total assets ROCE £6.3m £260.2m 17.5% • Decrease in net cash since FY24 • Increase in total assets driven by • An increase in ROCE from FY24 reflects investment of acquisitions, increases to across the
Slide 15: Capital allocation policy
Financial review Our strengths Capital allocation policy Organic capital • Operational capex in line with business activity levels. investment • Investment in margin or market share growth through capex and lease commitments. Dividend underpin • Deliver annual dividend payment to shareholders. • Gro
Slide 16: Strategic progress and investment case
Strategic progress and investment case NWF Group plc Final results to 31 May 2025 16
Slide 17: Making every connection count
Strategic progress and investment case Making every connection count The Group’s strategy aims to deliver long-term sustainable value for stakeholders. Commercial effectiveness Optimising sales through Operational understanding our customers’ needs. efficiency ‘Selling well’. Continuous focus on hig
Slide 18: Commercial effectiveness
Strategic progress and investment case Making every connection count continued Commercial effectiveness Optimising sales through understanding our customers' needs Case study: Development of Fuels regional sales model • Issue: previous sales model lacked specialism, critical mass, process and perfor
Slide 19: Operational efficiency
Strategic progress and investment case Making every connection count continued Operational efficiency Continuous focus on high service levels combined with a low cost to serve Case study: Development of Fuels regional operational model • Issue: lacked centralised utilisation and routing management c
Slide 20: Growth investment
Strategic progress and investment case Making every connection count continued Growth investment Using our financial strength to drive organic growth Case study: Investment in Moist Feed production • Issue: Feeds customers were buying moist feeds from other suppliers representing an adjacent growth
Slide 21: Targeted acquisitions
Strategic progress and investment case Making every connection count continued Targeted acquisitions Strategic M&A in existing and adjacent markets Case study: Consolidation of the Fuels sector • NWF Group is currently No.3 in the UK bulk fuel distribution market with less than 5% market share. • St
Slide 22: Delivering consistent attractive financial returns
Strategic progress and investment case Reasons to invest Delivering consistent attractive financial returns Essential Leveraging Investment in Delivering services to business growth and financial return attractive improvement targeted markets initiatives acquisitions • Leading player in each • Focus
Slide 23: Summary and outlook
Summary and outlook NWF Group plc Final results to 31 May 2025 23
Slide 24: Confident in NWF’s potential and prospects
Summary and outlook Significant progress made Confident in NWF’s potential and prospects Summary Outlook • Solid performance, slightly ahead of initial expectations. • Significant strategic progress with two Fuels acquisitions, Fuels regional operating model and moist feed Currently trading consiste
Slide 25: Thank you
Thank you Thank you
Slide 26: Appendix
Appendix NWF Group plc Final results to 31 May 2025 26
Slide 27: Our purpose and vision
Appendix Our purpose and vision At NWF Group we deliver what really matters Purpose Why we exist Connecting essential suppliers with their All three current Group businesses operate, and have core competencies, in specialist customers. distribution markets. As such, our reason to exist as a Group is
Slide 28: Our structure
Appendix Organisation Our structure Non-Executives Chief Executive Officer Chair: Amanda Burton Chris Belsham Richard Armitage Tim Cooper Company Secretary: Tom Harland Chief Financial Officer Katie Shortland Fuels Food Feeds 308 employees 904 employees 256 employees NWF Group plc Final results to 3
Slide 29: An experienced and capable team
Appendix Leadership team An experienced and capable team Chris Belsham Katie Shortland Chief Executive Officer Chief Financial Officer Skills & Experience Skills & Experience • Joined the Group in April • Joined the Group in 2017 as CFO, appointed CEO October 2023. March 2024. • Extensive senior lea
Slide 30: Delivering sustainable value
Appendix ESG framework Delivering sustainable value Our sustainability framework consists of four strategic objectives that • Food business successfully achieved B Corp accreditation. reflect our values and are designed to ensure we take a proactive and • Voice of customer helping to understand cust
Slide 31: Analyst coverage and consensus forecasts
Appendix Analyst coverage and consensus forecasts Actual Consensus forecasts The consensus is an arithmetic calculation 2025 2026 2027 of the forecasts made by contributing Revenue £903.1m £1,062.2m £1,117.5m investment analysts as at 29 July 2025 and is not, in any way, based on the internal Headli
Slide 32: Track record
Appendix Track record Headline operating profit Headline PBT 25 25 20 20 15 15 £m £m 10 10 5 5 0 0 2018 2019 2020 2021 2022 2023 2024 2025 2018 2019 2020 2021 2022 2023 2024 2025 Headline operating profit Headline PBT Headline EPS Dividend 40.0 9 35.0 8 30.0 7 25.0 6 20.0 5 Pence Pence 4 15.0 3 10.0
Slide 33: Business track record
Appendix Business track record Fuels Food Feeds 800 20 100 5 700 4.5 18 90 4.5 4 700 600 16 80 4 3.5 600 500 14 70 3.5 3 Operating profit £m Operating profit £m Operating profit £m 500 Revenue £m Total tonnes sold Litres sold m 12 60 3 400 2.5 400 10 50 2.5 2 300 8 40 2 300 1.5 6 30 1.5 200 200 1 4
Slide 34: Cash flow
Appendix Cash flow May 2025 May 2024 £m £m Operating profit 12.6 14.3 Depreciation – property, plant and equipment 5.8 5.0 Depreciation – right of use assets 12.5 11.2 Amortisation 0.9 0.9 Impairment of intangible assets 0.1 — Working capital movements (1.1) (3.0) Share-based payment expense (0.3) (
Slide 35: Balance sheet summary
Appendix Balance sheet summary May 2025 May 2024 £m £m Fixed assets 94.1 82.3 Right of use assets 57.2 45.9 Net working capital 3.6 5.7 Current income tax assets — 0.6 Reimbursement assets 2.9 1.8 Derivative financial instruments 0.2 0.3 Assets employed 158.0 136.6 Pension deficit (2.3) (4.5) Net ca
Slide 36: Additional metrics
Appendix Technical update Additional metrics May 2025 May 2024 % % Effective Tax Rate UK basic rate of corporation tax 25.0 25.0 Effects of; Adjustments in respect of prior year 6.5 (2.5) Depreciation on assets not qualifying for capital allowances 2.2 1.6 Impact of share-based payments — 1.6 Acquis
Slide 37: Additional metrics continued
Appendix Technical update continued Additional metrics continued May 2024 May 2025 (restated) £m £m Cash conversion Headline operating profit 16.3 14.2 Depreciation and amortisation of intangibles not acquired 18.4 16.3 Profit on disposal of fixed assets (0.3) (0.3) Change in working capital (1.1) (
Slide 38: Thank you
Thank you Thank you